Jay-Z apparently confirms plans to drop Nets ownership stake in new rap song

In a new song, rapper and entrepreneur Shawn Carter -- better known as Jay-Z -- apparently confirmed a report that he is planning to drop his ownership stake in the Nets so that he can pursue a future representing NBA players as an agent.

"I would have brought the Nets to Brooklyn for free, except I made millions off of you [expletive] dweebs," Carter raps on "Open Letter," which was released Thursday. "I still own the building, I'm still keeping my seats. If you buy that [expletive], you better keep your receipts."

The Huffington Post reported that the song, which also discusses Carter's controversial recent trip to Cuba with his wife, was produced by Swizz Beatz and Timbaland. Beatz tweeted a photo of the threesome working on the song Wednesday night.

Earlier this week, a report indicated that Carter's Roc Nation Sports business will partner with Creative Artists Agency (CAA) on the new venture, which can't be undertaken as long as he is affiliated with an NBA franchise in an ownership role, per league rules. ESPNNY.com reported Tuesday that the Nets would not comment on the report.

The face of the franchise as it relocated from New Jersey to his hometown of Brooklyn, Carter owns less than one percent of the Nets, but has spoken proudly of that stake. During a concert in October that helped open Brooklyn's Barclays Center, the Nets' new home, Carter slammed media reports that he thought had attempted to "diminish" his role with the franchise, which began in 2003.

"That's their way of diminishing our accomplishments. Don't let anyone diminish your accomplishments. ... [I'm] a young black African male who was raised in a single-parent home in low-income housing and I stand before you as an owner of the Brooklyn Nets. ... Don't let anyone diminish your accomplishments. You don't have to be inspired by me, be inspired by Barack Obama if you choose to. Latinos in here, be the first Latino president. Ladies in here, be the first female president."

Carter, 43, has previously rapped about owning the Nets.

"The Nets could go 0-for-82 and I'd look at you like this [expletive] is gravy," he joked on "N----- in Paris," a 2011 song with Kanye West.

Forbes reported last week that Carter and CAA signed a deal to represent New York Yankees star second baseman Robinson Cano in upcoming negotiations on a contract that is expected to be worth hundreds of millions of dollars.